The Next Great Entrepreneurial Opportunity: How to Identify Market White Space

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The Next Great Entrepreneurial Opportunity: How to Identify Market White Space

  1. 1. 1 What Startup Will You Build? How to Identify Market White Space http://www.flickr.com/photos/marieswartz/4 228616284/sizes/z/in/photostream/ David Teten HOF.capital // @HOFcapital teten.com // @dteten © 2017 David Teten. More at teten.com
  2. 2. Intro Tools Signals Network Next Steps © 2017 David Teten. More at teten.com 2 Don’t Take Notes! Download detailed slides and see the video at: teten.com/mr
  3. 3. Intro Tools Signals Network Next Steps © 2017 David Teten. More at teten.com 3 David Teten  Managing Partner, HOF Capital  Previously Partner for six years, ff Venture Capital, one of the top four consistently best-performing seed- and early-stage VC firms in the U.S.  Previously serial entrepreneur and Bear Stearns technology investment banker  Advised clients such as Goldman Sachs Special Situations Group, Icahn Enterprises, LLR Partners ($1.4b fund), Birch Hill Equity Partners (C$2B fund), and other institutional investors  Harvard MBA, Yale BA  Teten.com / @dteten / info@teten.com
  4. 4. Intro Tools Signals Network Next Steps © 2017 David Teten. More at teten.com 4  American Society of Mechanical Engineers  Founder Institute New York (three times)  Harvard Club of New York Tech & Entrepreneurship Group  Harvard Graduate School of Arts & Sciences Business Club / Harvard Graduate School Council  Limmud NY / Limmud FSU  National University of Singapore Techno Venture Forum (Entrepeneurship Centre)  New York Business Expo  OCE Discovery (Canadian innovation conference)  Princeton University Keller Center  TechWeek NY (twice)  TorchLight US-China Conference  Thought Leaders in Business series (Yale Club of New York)  Womensphere (four times) Past Audiences for This Presentation
  5. 5. Intro Tools Signals Network Next Steps © 2017 David Teten. More at teten.com 5 HOF Capital: Uniquely Positioned to Outperform  Primarily invest at the Seed and Series A stages  Our 9 initial Limited Partners consist of leading multinational corporations & family offices which view HOF as the best way to work with the US innovation economy, including: Orascom Group, Godrej Group, Dallah Albaraka, Globalive, and Travco Group  We provide our portfolio companies with active sales, capital-raising, and business development assistance, leveraging our relationships with enterprise leaders & governments worldwide  Powerful ecosystem relationships: co-invested with many leading VC funds in the same round with the same terms, including NEA, GV (Google Ventures), Bessemer Venture Partners, First Round Capital, and 8VC  International platform: 2 primary offices, team fluent in 8 languages  The majority of our firm has known one another for between 4-21 years  Significant internal technology stack  Close ties with next-generation family office members across EMEA and North America
  6. 6. Intro Tools Signals Network Next Steps © 2017 David Teten. More at teten.com 6 New York (HQ) Mumbai San Francisco Cairo Taipei Dubai Dublin Sydney Beijing* Berlin London * Affiliate office planned for 2017 2 Primary Offices 8 Affiliates Through LPAC members, Venture Partners & Venture Associates HOF Capital Identifies World-Class Founders and Unlocks Global Markets
  7. 7. Intro Tools Signals Network Next Steps © 2017 David Teten. More at teten.com 7 We take a thesis-driven approach to investing Source: (1) Gartner Research, (2) IHS Markit, (3) Forbes, (4) EdtechxGlobal, (5) Statista, (6) Statista Figures as of June 30, 2017 Trend Opportunity Sample HOF Investments Autonomous Transportation 21 million autonomous vehicles sold annually by 2035 2 Starship Technologies; Drive.ai Exploding Freelance Economy By 2020, freelancers are expected to make up 50% of the full time workforce in the US 3 VIDA; VOIQ; Yup Technologies Rapid Growth of Digital Payments in Africa & the Middle East $96bn+ annual digital payment transaction value in Africa and the Middle East by 2021 6 Flutterwave Regalii Micro-Targeted Digital Advertising $335bn+ global digital advertising spend per year by 2020 5 Social Native AI - Powered Enterprise Solutions By 2020, an estimated 85% of customer interactions with enterprise will be automated / non-human 1 SuperPhone; OPTii Solutions Blockchain Digital Infrastructure for Developing Economies 2 billion individuals, and 200 million micro, small, and midsize businesses in emerging economies today lack access to savings and credit1 Blockstack (in DD); Bitoasis (in DD) Asset Management Technology 39% operating margins + very unhappy clients; see more at DisruptInvesting.com and PEVCTech.com Drop Loyalty Among the areas where we see opportunity:
  8. 8. Intro Tools Signals Network Next Steps © 2017 David Teten. More at teten.com 8 Backed by the leadership of global conglomerates Real Estate & Hospitality Telecom & Internet Media Infrastructure Financial Services Global $7bn conglomerate with presence in 44 countries; largest private employer in Saudi Arabia ✔ ✔ ✔ ✔ ✔ Egypt's largest tourism conglomerate with $600m+ in revenue; 1.3m tourist customers annually ✔ ✔ Founded WIND Mobile ($1.6bn exit) and Globalive Communications ($120m revenue) ✔ ✔ ✔ ✔ Indian conglomerate with current annual revenues of $4.1bn+ ✔ ✔ ✔ ✔ Global $18bn conglomerate employing over 60,000 people in over 20 countries ✔ ✔ ✔ ✔ ✔ We are building a base of complementary, scalable limited partners
  9. 9. Intro Tools Signals Network Next Steps © 2017 David Teten. More at teten.com 9 Portfolio acceleration levers HOF is dedicated to providing all of the support we can to accelerate the growth of our portfolio companies Team- Building Operations Perspectiv e Skill- Building Customer Development Analysis Network Track talent Syndicate job openings Facilitate introductio ns Build HR teams through coaching Access to experience d service providers Leverage pre- negotiated discount rates Public and private company board experience Strategic counsel on new markets Empathy Coaching soft-skills Business strategy articulation Investor presentatio ns Expansive global enterprise network Facilitate POCs Validate market demand Macro view Industry benchmar king Identify future competito rs Industry events Investor events Customer events Family office events Note: Our strategy is based on David Teten’s paper, "The Lower-Risk Startup: How Venture Capitalists Increase the Odds of Startup Success", Journal of Private Equity, Spring 2013, the Journal’s most-read paper of the year. • ItaliaOnline (BIT: IOL) • OCI (AMS: OCI) • OTMT (LSE:OT MT) • Evolution Mining (ASX:EV N) • Euronews • DADA (BIT:DA) • Adidas • LafargeHolci m • SuperNAP International
  10. 10. Intro Tools Signals Network Next Steps © 2017 David Teten. More at teten.com 10 HOF Capital works with Students  Jobs and internships: HOF.capital/jobs  Research: HOF.capital/jobs/researcher
  11. 11. 11  Next Steps  Growing Your “Network 2.0”  Signals of Potential Customers  Tool of the Trade  Introduction http://www.flickr.com/photos/marieswartz/4 228616284/sizes/z/in/photostream/© 2017 David Teten. More at teten.com
  12. 12. 12 Angel groups using Gust [i] HOF Capital [ii] Typical entrepreneur Profiled initially 20,850 NA ~3-6 Target Selected 1,315 1,800 ~3 Met 1,047 340 NA Due diligence 577 75 2 Invested/launched 541 7 1 Deals as % targeted companies 41.1% (2.6% of submissions) 0.4% ! # Companies Analyzed by Investors vs. Founders [i] Available at http://angelsoft.net/a/venture-valuation , as of twelve months ending March 17, 2010. [ii] Annualized over 21 months ended 3/2017. Investors Typically Are Far More Selective Than Founders…but Have Less Risk
  13. 13. Intro Tools Signals Network Next Steps © 2017 David Teten. More at teten.com 13  Market Research is the systematic, objective collection and analysis of data about a particular target market, competition, and/or environment.  Always incorporates some form of data collection, whether it be primary or secondary research. Definition of Market Research http://www.marketresearchworld.net/index.php?Itemid=38 &id=14&option=com_content&task=view . http://www.flickr.com/photos/niosh/2492013803/
  14. 14. Intro Tools Signals Network Next Steps © 2017 David Teten. More at teten.com 14 Brainstorm/Source Research Filter/Judge Execute Lean Refine/Pivot today’s focus teten.com/pitch leanstartup.com Idea Search Process
  15. 15. Intro Tools Signals Network Next Steps © 2017 David Teten. More at teten.com 15 1: Define Marketing Problems and Opportunities 2: Set Objectives, Budget, and Timetables 3: Select Research Types, Methods, and Techniques 4: Design Research Instruments 5: Collect Data 6: Organize and Analyze the Data 7: Present and Use Market Research Findings Market Research Process
  16. 16. Intro Tools Signals Network Next Steps © 2017 David Teten. More at teten.com 16  A survey of small business managers in Texas revealed that 84% of those who conducted formal marketing research projects in the past three years felt that the information obtained was worth the money spent.  Overall, 58% said that they were able to incorporate the research findings into their decisionmaking process.  Only 6% reported that they were not able to implement the results. Why Do Market Research http://extn.msu.montana.edu/communitydevelop ment/pubs/mt9013.pdf
  17. 17. Intro Tools Signals Network Next Steps © 2017 David Teten. More at teten.com 17Inspired by Robert Bruner, Applied Mergers & Acquisitions, page 186 Info is private Info is public Sweet spot of highest returns Customers pay high prices Customers pay low prices Few competitors Many competitors Why Private Information About Opportunities Is More Valuable
  18. 18. 18 *http://innovation.utdallas.edu/documents/Opportunity Evaluation.pdf . Photo: http:/www.flickr.com/photos/nasonurb/3372990703/ Sources of Entrepreneurial Ideas: It Is Far Easier to Identify Entrepreneurial Opportunities In Areas Where You Have Expertise  Prior knowledge  >70% of founder’s businesses have roots in their last job  Alertness  Pattern recognition  Active search © 2017 David Teten. More at teten.com
  19. 19. 19 Peter Drucker’s Sources of Innovation Opportunity (1 of 7) Peter Drucker, Innovation and Entrepreneurship. http://500px.com/photo/24975643 First four are within the enterprise --- essentially symptoms: Unexpected success, failure or outside event © 2017 David Teten. More at teten.com
  20. 20. 20 Peter Drucker, Innovation and Entrepreneurship. http://500px.com/photo/3568550 The incongruity between reality as it actually is and reality as it is assumed to be, or as it “ought to be” © 2017 David Teten. More at teten.com Peter Drucker’s Sources of Innovation Opportunity (2 of 7)
  21. 21. 21 Peter Drucker, Innovation and Entrepreneurship. http://500px.com/photo/2750064 Innovation based on process need © 2017 David Teten. More at teten.com Peter Drucker’s Sources of Innovation Opportunity (3 of 7)
  22. 22. 22 Peter Drucker, Innovation and Entrepreneurship. http://500px.com/photo/19113541 Changes in industry structure or market structure that catch others unaware © 2017 David Teten. More at teten.com Peter Drucker’s Sources of Innovation Opportunity (4 of 7)
  23. 23. 23 Peter Drucker, Innovation and Entrepreneurship. http://500px.com/photo/2399314 Demographics (population changes) © 2017 David Teten. More at teten.com Peter Drucker’s Sources of Innovation Opportunity (5 of 7)
  24. 24. 24 Peter Drucker, Innovation and Entrepreneurship. http://500px.com/photo/2480850 Changes in perception, mood and meaning © 2017 David Teten. More at teten.com Peter Drucker’s Sources of Innovation Opportunity (6 of 7)
  25. 25. 25 Peter Drucker, Innovation and Entrepreneurship. http://500px.com/photo/26552303 New knowledge, both scientific and nonscientific © 2017 David Teten. More at teten.com Peter Drucker’s Sources of Innovation Opportunity (7 of 7)
  26. 26. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 26 http://www.flickr.com/photos/marieswartz/4 228616284/sizes/z/in/photostream/  Next Steps  Growing Your “Network 2.0”  Signals of Potential Customers  Tool of the Trade  Introduction © 2017 David Teten. More at teten.com
  27. 27. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 27 Identify Opportunities With Four Major Techniques: Based on Bruner, Robert F., Applied Mergers and Acquisitions. New York: John Wiley & Sons, 2004. Page 90. Listen to markets (“top down”) Listen to firms (“bottom up”) Start with Data (“inside out”) Observe a pattern of attractive performance in a certain sector, e.g., past successful investments by your competitors. Analyze performance results for sectors of the market, then drill down to the most attractive companies. Analyze performance of individual companies, and seek to identify common causal patterns. Start with ideas (“outside in”) Start with a theme you believe in, e.g., the aging of Western populations. Investigate the implications of your theme on your industries of interest. Investigate the implications of your theme on your companies of interest.
  28. 28. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 28 Market Mapping Is a Powerful Way to Identify White Space Sample Market Mapping Approach # Stage Example from Klout (ffVC company) 1 Choose industries and geographies of initial interest. Lean entrepreneur in US. 2 Define your proprietary point of view. Thesis: People will care about their influence on social media networks, just as they care about their dress/appearance in face-to-face networks. 3 Translate into investment theme for specific industries and/or geographies of interest. Expect growth of analytics companies analyzing social media influence. 4 List major players in target industries/geographies, and how each will be impacted by investment themes. Recruiters and marketers will use social media influence as a filter for identifying candidates with whom they want to work. 5 Iteratively improve market map based on feedback from industry. Discuss elements of the market map with key sector players through industry forums and mass media. 6 Determine which activities along the value chain offer the highest return (typically the proprietary ones). A large database of information about social media influence is difficult to build and can be branded. 7 Identify areas of future growth. People will care about their influence in niche markets, e.g., who are the influencers in the fashion industry. 8 Assess fit with your strategy. Examine how people are using the product. 9 Regularly update the market map based on market feedback and lessons from investment prospects. Get smarter.
  29. 29. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 29 Chinese Entrepreneurs’ Social Networking Market Map (with Founding Year) This chart is purely illustrative and is not intended to be exhaustive. Business Social Dating North America Western Europe China LinkedIn (2002) Facebook (2004) Tinder (2012) VZ Netwerke (2005) Badoo (2006) WeChat (2010) MoMo (2011) LinkedIn (2002) LinkedIn (2002) MaiMai (2012)
  30. 30. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 30 Other Sample Market Maps Contextual info about each company to Include  Management strength  Product strength  Client desirability  Financial returns Quality Products Customer Segment Distribution Channel
  31. 31. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 31http://flickr.com/photos/neilt/2517652/sizes/o/ Google Search Hacks  Filetype:pdf  Filetype:ppt  Filetype:doc  Books.Google.com  Site: [proven site] eDonkey—search hard drives © 2017 David Teten. More at teten.com
  32. 32. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 32  Often available free for students  Public libraries also often offer free access  D&B  Hoovers  Factiva  LexisNexis Major Research Databases http://www.flickr.com/photos/kodomut/3728718035/sizes/l/
  33. 33. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 33http://www.flickr.com/photos/kodomut/3728718035/sizes/l/ Wall Street Research  Charles Schwab account
  34. 34. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 34  Slideshare – presentation slides from conferences/events  Scribd, Docstoc – general  Archive.org – Web archives  BaiduYun - Chinese http://www.flickr.com/photos/sookie/94778946/ Online Document Repositories/Marketplace for Files, Publications, Presentations, and Whitepapers © 2017 David Teten. More at teten.com
  35. 35. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 35  Attaain  Compete  Rivalmap  SpyFu Tools for Tracking Competitors
  36. 36. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 36  Prestige  Open doors  Education  Substantive experience  Target marketing http://www.flickr.com/photos/uaein credible/3333223048/sizes/o/ How to Woo Interns
  37. 37. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 37http://flickr.com/photos/foundphotoslj/1134148114/ Student Consulting Free Resources  Columbia Business School Small Business Consulting Program  Insite Fellows  Levin Institute JumpStart  InternMatch.com  Colleges  Student Special Interest Groups  Offshore: IIM Ahmedabad Forum for Industry Interaction  Networks: SenseiHub.com, Riipen.com, Neitui.me © 2017 David Teten. More at teten.com
  38. 38. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 38http://www.flickr.com/photos/extraketchup/748452643/sizes/o/  Adword buys  Google Forms  Surveymonkey  Polldaddy Polling © 2017 David Teten. More at teten.com
  39. 39. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 39 http://www.flickr.com/photos/marieswartz/4 228616284/sizes/z/in/photostream/© 2017 David Teten. More at teten.com  Next Steps  Growing Your “Network 2.0”  Signals of Potential Customers  Tool of the Trade  Introduction
  40. 40. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 40  Observe customers in action  In-depth interviews  Snowball sampling  Ask for referrals to potential buyers to build a sample  Online surveys  Bleeding-edge users` Customers http://www.flickr.com/photos/superrabbit/319538167/© 2017 David Teten. More at teten.com
  41. 41. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 41Source: Jeff Stewart Ship Early
  42. 42. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 42Source: Jeff Stewart Questions Signal Need  Quora  ZhiHua  36Kr
  43. 43. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 43 Analyze Search Engine Traffic Source: Jeff Stewart http://500px.com/photo/6878052  What phrasing do people use to describe their problem?  Use Google Adwords Keyword Tool © 2017 David Teten. More at teten.com
  44. 44. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 44 Vary Your Launch Pages, and Always Collect Emails
  45. 45. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 45 Source: Jeff Stewart. Interaxon and Indiegogo are both ff Venture Capital portfolio companies. Cash Is a Market Signal
  46. 46. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 46  CB Insights  Crunchbase  Techcrunch  Mashable  Mercurynews.com/vc  Venturebeat  China: LiaoYuan.io Identify (and Probably Avoid) the Sectors Attracting VC Funding https://www.cbinsights.com/blog/micro-vcs-to-watch/#ffvc
  47. 47. Signals Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Tools © 2017 David Teten. More at teten.com 47 http://www.flickr.com/photos/marieswartz/ 4228616284/sizes/z/in/photostream/  Next Steps  Growing Your “Network 2.0”  Signals of Potential Customers  Tool of the Trade  Introduction © 2017 David Teten. More at teten.com
  48. 48. Signals Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Tools © 2017 David Teten. More at teten.com 48 http://www.flickr.com/photos/2343976 1@N03/3258313816/sizes/l/ Social Media Allows You to Convert Cold Calls to Warm Calls
  49. 49. Signals Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Tools © 2017 David Teten. More at teten.com 49 Network Valuation Formula Ch = Character Co = Your Firm’s Competence R = Relevance of the contact S = Strength of your relationship I = Information N= Number of people D= Diversity = D * ∑ (Chn*Con *Rn* Sn*In) N n=1
  50. 50. Signals Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Tools © 2017 David Teten. More at teten.com 50 Biography analysis software allows you to search by common affinity and more effective subsequent outreach  Boardex  Klout*  LinkedIn  Saleforce Data.com  Pipl  ZoomInfo Leading Providers of Biography Analysis Data * ff Venture Capital portfolio company
  51. 51. Signals Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Tools © 2017 David Teten. More at teten.com 51http://flickr.com/photos/h-k-d/2898797929/sizes/o/ Learn from People Who’ve Been There  Ex-employees  Customers who’ve analyzed market vendors © 2017 David Teten. More at teten.com
  52. 52. Signals Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Tools © 2017 David Teten. More at teten.com 52 http://www.flickr.com/photos/progra mmerman/2315566040/sizes/l/ © 2017 David Teten. More at teten.com Organizing / Speaking at Events
  53. 53. Signals Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Tools © 2017 David Teten. More at teten.com 53 http://www.flickr.com/photos/progra mmerman/2315566040/sizes/l/ © 2017 David Teten. More at teten.com Organizing / Speaking at Events  Alumni organizations
  54. 54. Signals Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Tools © 2017 David Teten. More at teten.com 54 How to Get People to Return Your Calls  WIIFM (“What’s In It For Me?”)  Affinity  Information  Others' Credibility  Ego Boost http://www.nus.edu.sg/oam/studentprofiles.html
  55. 55. Signals Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Tools © 2017 David Teten. More at teten.com 55 Meet People Face-to-Face
  56. 56. Signals Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Tools © 2017 David Teten. More at teten.com 56 Effective Analysts Are Data Hounds Tools for assimilating data into your Contact Relationship Management (CRM) system Data source Selected technology for inserting data into CRM Cards FullContact Data Enrichment Avention, ClearBit, Cloze, Data.com, Discover.ly, Evercontact, Introhive, LeadIQ, Plaxo, Ringlead, Salestools.io, SalesOps, VibeApp, DiscoverOrg Other LinkedIn Full CRM Microsoft Dynamics, Salesforce, SalesforceIQ, Act, Base, many others
  57. 57. Signals Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Tools © 2017 David Teten. More at teten.com 57  IERG Online  Executive Forum  Sermo  ChinaCEOT.com Platforms  LinkedIn  Xing  Google Groups  Yahoo Groups  Zintro Sample Gated Communities for Executives
  58. 58. Signals Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Tools © 2017 David Teten. More at teten.com 58 Sample Gated Communities for Investors Angel Group Platforms Angel Communitie s Loans Private Equity Public Gust AngelList LendingClub Association for Corporate Growth Albourne Village Proseeder CircleUp Prosper Axial FT Alphaville Long Room LiaoYuan.io FundersClub AliLoan Intralinks Deal Nexus Sum Zero AngelClub OurCrowd MergerMarket Value Investors Club SeedInvest AngelClub LiaoYuan.io
  59. 59. Signals Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Intro Tools © 2017 David Teten. More at teten.com 59© 2017 David Teten. More at teten.com http://flickr.com/photos/extranoise/169187125/sizes/l/ Diversity your network by identifying logically adjacent networks  By technology  By industry  By geography  By personal characteristics  By market
  60. 60. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 60 http://www.flickr.com/photos/marieswartz/4 228616284/sizes/z/in/photostream/© 2017 David Teten. More at teten.com  Next Steps  Growing Your “Network 2.0”  Signals of Potential Customers  Tool of the Trade  Introduction
  61. 61. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 61http://innovation.utdallas.edu/documents/OpportunityEvaluation.pdf Further Resources  Baron, R.A. Opportunity Recognition as Pattern Recognition. Academy of Management Perspectives. Feb 2006  Drucker, P.F. 1993. Innovation & Entrepreneurship. HarperBusiness. New York.  Bhide, A. 1996. The Questions Every Entrepreneur Must Answer. Harvard Business Review. Nov-Dec 1996.  Gourville, J.T. 2006. Eager Sellers, Stony Buyers: Understanding the Psychology of New Product Adoption. HBR June 2006  Graham, Paul, "How to Get Startup Ideas”  Teten, David, and Allen, Scott 2005. The Virtual Handshake: Opening Doors and Closing Deals Online. AMACOM, 2005. Free copy at TheVirtualHandshake.com  The Institute for Innovation & Entrepreneurship at UT Dallas: innovation.utdallas.edu  Checklist for pitching a VC: teten.com/pitch  Relevant blogs: Corporate-innovation.co , Startuplessonslearned.com, Teten.com
  62. 62. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 62 Any questions ? slides at teten.com/mr HOF.capital @HOFCapital teten.com @dteten
  63. 63. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 63 A representative of an asset management firm (“Firm”) is providing this presentation for informational purposes to the intended audience. Nothing in this presentation shall constitute an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction nor should anything in this presentation form the basis of, or be relied upon for, making any investment decision. Nothing in this presentation constitutes professional and/or financial advice of any kind (including business, employment, investment advisory, accounting, tax, and/or legal advice), nor does any information in this presentation constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. This presentation and the information contained herein are provided “AS IS”. The Firm and the presenter make no representation or warranty (express or implied) with respect to the information contained herein (including, without limitation, information obtained from third parties) and expressly disclaims any liability based on or relating to the information contained in, or errors or omissions from, these materials; or based on or relating to the recipient’s use (or the use by any of its affiliates or representatives or any other person) of these materials; or based on any other written or oral communications transmitted to the recipient or any of its affiliates or representatives. The Firm and the presenter undertake no duty or obligation to update or revise the information contained in this presentation. Disclaimer
  64. 64. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 64 Appendix: Additional Slides from Presentation to Chinese-American Conference
  65. 65. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 65 MaiMai • Founded in 2012 • Market White Space identified: Unlike in Western countries, communication in Chinese business community was not based on emailing culture, and cold emailing doesn’t work very well in China. Therefore, LinkedIn hasn’t achieved the place of being the most effective business social media platform in China. MaiMai identified this Market White Space and formed the business social network model that’s based on mutual friends or connections, which is a more acceptable way of building connections in China.
  66. 66. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 66 WeChat • Founded in 2010, by Xiaolong Zhang • Before WeChat came out, there are RenRen and QQ. RenRen was the Chinese Equivalent of Facebook and QQ is the Chinese equivalent of Whatsapp. However, there wasn’t a platform that people could do both on it. That’s the market white space the founder of WeChat and Tencent identified. With multi-functionalities of private/group messaging, photo sharing and microblogging, and later on e-wallet, WeChat took the absolute position of early-enterer of this whitespace in Chinese social platform market, and attracted 1.1 billion users so far.
  67. 67. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 67 Weibo • Founded in 2009, by Charles Chao (SINA founder) • First microblogging site in China, model based on Twitter
  68. 68. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 68 MoMo • Founded by Tang Yan, in 2011 • The first location-based online dating app in China, identified the market white space in Chinese online dating market, which at that time, there wasn’t an app available for people to meet nearby people, and users could be selective on who they want to see based on common-interests, communities, jobs, and different age groups.
  69. 69. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 69 Appendix: Additional Slides for Singapore http://www.flickr.com/photos/90664717@N00/38 0336885/sizes/z/in/photostream/
  70. 70. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 70 Darren Luo (NUS), http://flickr.com/photos/found photoslj/1134148114/ Intern Sources in Singapore Universities:  NUS Business School Career Services: http://bit.ly/9GOqAb  NUS Career Services Center: www.nus.edu.sg/osa/career/employer/index.html  NUS Overseas Colleges (NOC) www.overseas.nus.edu.sg/  The ilead Program: www.nus.edu.sg/nec/ee/ilead/index.html  NOC Alumni: www.nocalumni.org/site/index.php  NTU Business School: www.nbs.ntu.edu.sg/careerservices/index.asp  NTU Career Services Center: www.nbs.ntu.edu.sg/careerservices/index.asp  SMU: www.smu.edu.sg/students/career_services/for_employer/recruit.asp  Singapore Institute of Management: www.sim.edu.sg Polytechnics  Singapore Polytechnic: http://bit.ly/aPGxwu  Entrepreneurship IAP: www.sp.edu.sg/wps/portal/vp- spws/spws.i.entrepreneurshipinsp.itp  Temasek Polytechnic: www.tp.edu.sg/home/global/glo_sip.htm  Ngee Ann Polytechnic: www.np.edu.sg/ss/internship/Pages/local.aspx  Nanyang Polytechnic: www.nyp.edu.sg/aboutNYP/job_opportunities_for_employers.html  Republic Polytechnic: www.rp.sg/iep/employer/
  71. 71. Signals Network Next StepsIntro Tools © 2017 David Teten. More at teten.com 71 Intern Sources in Singapore  jobs.triplepoint.asia/jobs  www.singapore-interns.com  singaporeinternship.com  originsingapore.com  internsg.com  IIM Ahmedabad Forum for Industry Interaction Darren Luo (NUS), http://flickr.com/photos/found photoslj/1134148114/

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